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Biotech / Medical : Immunomedics (IMMU) - moderated
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To: erickerickson who wrote (62978)12/23/2024 9:23:54 PM
From: Olecranon1 Recommendation

Recommended By
jhcimmu

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Call me an idiot but I sold 1/2 my AVXL position in early November at $9.50 on its initial move up and I sold the rest this morning at $11.
It’s not that I don’t have some long term hope for AVXL, but I don’t believe the news justifies today’s price move.
My initial thought when I sold the first half was to buy back at a lower price, but today’s news and price jump came along first.
With the general market overpriced and in a very fragile state, I see the potential for a lot of high volatility on the horizon, as if biotechs weren’t already volatile enough. So I will see if I can buy back if possible in a manner that gets my actual basis nearer zero.
Maybe AVXL will make a beeline to a $100 valuation. Probably not.
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Looking back at SAVA, several months before it’s final collapse, it had a quick run up over 40 on no news. I sold my most expensive shares at a nice profit, but held onto the vast majority of my position. In retrospect, my cost basis was so low that I could have sold all my shares at that point for a 4x return. I then could have bought back in when SAVA quickly returned to the low 20’s, decreasing my actual basis to near zero. Instead, I took a painful haircut like many of us.
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Given the current state of the market and of biotechs in particular, I’m choosing to hedge my risks to a greater degree for awhile.
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